Nirav Modi’s assets mortgaged with PNB and attached by ED likely to be given to the bank

Nirav Modi’s assets mortgaged with Punjab National Bank (PNB) and attached by the Enforcement Directorate (ED) is likely to be given back to the bank.

The development will spell out a positive for Punjab National Bank, which has been stressed with bad loans. Modi has been declared a fugitive economic offender (FEO) by a special purpose court dealing with money laundering cases. His assets, which are attached by the ED and mortgaged with PNB, are likely to be returned back to the bank.

The value of the attached assets could be around Rs 1,200-1,500 crore, people aware of the matter told CNBC-TV18. The bank can look at ways to appraise the value those assets.

A similar procedure with Punjab National Bank could be followed once Mehul Choksi, Modi's uncle who is also facing a slew of corruption charges, is also declared as fugitive economic offender.